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S&P Downgrades Four Main Greek Banks From B To CCC On Deposit Flight Concerns And, Well, General Bankruptcy Fears

Tyler Durden's picture

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Wed, 06/15/2011 - 07:41 | 1370352 Apostle of Unknown
Apostle of Unknown's picture

bank run bitchez

Wed, 06/15/2011 - 08:31 | 1370471 Harlequin001
Harlequin001's picture

If I remember correctly it was Moody's that maintained a buy rating on Enron until only 4 weeks before it failed.

Why do people bother with this crud?


Wed, 06/15/2011 - 08:33 | 1370480 centerline
centerline's picture

Greece is being pushed over the edge.  Make one wonder what the strategy is here - and ultimately who the players are.

Wed, 06/15/2011 - 08:49 | 1370523 Bindar Dundat
Bindar Dundat's picture

The strategy is Random ignorance...

Wed, 06/15/2011 - 09:04 | 1370562 centerline
centerline's picture

Thats my favorite strategy.  This should be interesting.

Wed, 06/15/2011 - 09:33 | 1370639 Al Gorerhythm
Al Gorerhythm's picture

How's it working for you so far?

Wed, 06/15/2011 - 07:40 | 1370360 SheepDog-One
SheepDog-One's picture

Everything is bankrupt, and this 'QE3 is Operation Twist for 2 yr bonds' is like giving a heroin addict an aspirin, it will not make the market junkies 'happy'. Why print money to buy bonds, why not just print pre-paid bonds...who are we fooling? No ones buying those bonds except the PD's for the 2 weeks flip back.

So while everyone expects endless free heroin fixes and good times, what people seem to be missing is its 1930 again in the world, except this time far worse.

Wed, 06/15/2011 - 07:56 | 1370380 ZeroPower
ZeroPower's picture

Nice EURUSD move lower overnight.

Wed, 06/15/2011 - 07:57 | 1370382 SheepDog-One
SheepDog-One's picture

We're now going from 'everythings bankrupt and falling apart' to 'everythings just fine, couldnt be better actually' in 12 hour swings now.

Wed, 06/15/2011 - 07:58 | 1370384 GetZeeGold
GetZeeGold's picture


BK doesn't stand for BurgerKing.


Wed, 06/15/2011 - 08:00 | 1370392 Portugal
Portugal's picture

was coherent with its analysis, then all entities working in Greece or having relevant
business with Greek entities should be automatically placed on negative
watch/downgraded…<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

proof that Rating agencies are no longer providing the service which is the
base of their acceptance as industry standards, i.e., independent credit assessment
of sovereigns, entities or companies.

Saying Greece
has a lower credit rating than some countries ….like Jamaica ….is as stupid as saying
that the “green shoots” in America have produced some (meaningful) fruits….

the world needs that the Greeks again show what is the true meaning of
democracy. After all… they invented the concept… not some teenager asset managers
on the other side of the planet!

Wed, 06/15/2011 - 08:10 | 1370423 Highrev
Highrev's picture

Pawns doing what they are told.


Wed, 06/15/2011 - 08:28 | 1370472 SheepDog-One
SheepDog-One's picture

'S&P' what a joke, they missed the US bank collapse totaly, OH but they on the spot with Greek banks though. Yea sure.

Wed, 06/15/2011 - 07:58 | 1370396 Poor Grogman
Poor Grogman's picture

Central banks to the world....

"The money printing, market manipulation and disinformation will continue,until the markets settle down."

Wed, 06/15/2011 - 08:33 | 1370479 SheepDog-One
SheepDog-One's picture

Looks like markets are going to settle down lower today.

Wed, 06/15/2011 - 08:59 | 1370537 gwar5
gwar5's picture

The Greek banks ought to start printing Drachmas. If it's good enough for Benkamakazi it's good enough for Greece. Think of the big boost to exports and tourism.

Wed, 06/15/2011 - 09:22 | 1370615 CrashisOptimistic
CrashisOptimistic's picture

The German banks finally divested themselves of all Greek positions.  In fact, they took some pro default swap positions -- and informed Merkel of it.

The rest is easy.

Wed, 06/15/2011 - 11:52 | 1371224 AldoHux_IV
AldoHux_IV's picture

Global banks around the world and their minion central banks are insolvent-- they've spent trillions of dollars as a proxy for other currencies and have still not been able to make these institutions survive without the aid of manipulation and taxpayer blood.

It is high time that everyone realize the need to take our governments back and break these insolvent institutions up as the recovery is false and we are not better off having bailed out these institutions.

End the current world order, end the IMF, end the Worldbank, end central banks, and take down our corrupt officials who serve only their banking masters.

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